UK onshore-focused Europa Oil & Gas reported Monday that its Kiln Lane-1 well is to be plugged and abandoned, with the site to be restored to agricultural use.
The well – located on the PEDL 181 license in northeast Lincolnshire, England – spud on February 23 and reached a total depth of 7,517 feet on March 19. Sandstones in the Westphalian and Namurian intervals were penetrated in line with the pre-drill geological model and significant oil and gas shows were observed during drilling operations, Europa said. However, wireline logging and subsequent petrophysical analysis indicates that the sandstones encountered are water wet.
Europa CEO Hugh Mackay commented in a company statement:
"While we are disappointed with the outcome, Kiln Lane was drilled on schedule, on budget and safely. This is testament to the performance of both our own technical team and the engineering crew on the ground. Kiln Lane was the first well to be drilled on this large licence where multiple leads have been identified.
"The presence of hydrocarbon shows is encouraging and the quality of data recovered will enable clear decision making going forwards. Over the coming weeks and months more technical work will be conducted on all the data and geological samples recovered from the well as we refine our hydrocarbon system model and plan our next steps for the license.
"Thanks to having a portfolio of licences at various stages of development, we will not be short of potentially high impact news flow in the weeks and months ahead. Ongoing testing operations at the Wressle discovery in PEDL 180 where hydrocarbons have been recovered from all three pay zones tested to date are due to be completed shortly. This will be followed by an extended well test later this year.
"Perhaps most importantly, we have commissioned a Competent Persons Report on our Irish licences in the South Porcupine Basin where gross mean un-risked prospective resources of up to 1.5 billion barrels of oil have already been identified by our partner Kosmos Energy. We expect to issue the CPR in H1 2015. With so much activity across our asset base, I look forward to providing further updates on our progress in due course."
Europa is the operator of PEDL 181, with a 50-percent working interest. Egdon Resources and Celtique Energie Petroleum each have a 25-percent interest.
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